Upon completion of the merger agreement with China Food Service, California Grapes International plans to execute a reverse stock split of 1:10 for the common and preferred shares.
The company will also reduce the number of authorised common shares from its current 5,000,000,000 to 2,500,000,000 and will announce a mandatory common share certificate exchange.
All shareholders of record will need to exchange their current share certificates for post-split California Grapes International.
The board of directors believes that the reverse split, reduction of the authorised common shares and mandatory exchange is a step in the right direction in establishing a more positive structure.
The company will update its shareholders with the effective date of the reverse stock split, mandatory common stock certificate exchange and the reduction of the authorised common shares, when it becomes available.
Source: California Grapes International
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